How I built this
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Feb 20, 2024
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1.)What is the largest vehicle segment in the US?
Pick up trucks
2.) What are some key things that shaped RJs view of the world?
Growing up in a family full of engineers, experience working on automotives throughout college, and an interest in sustainability and the environment.
3.) When did RJ start thinking about his career?
He really thought about it in highschool, he liked engineering and cars.
4.) Why did RJ think he needed a PhD to be an entrepreneur?
For credibility and expertise within the field and for when it comes to future investors. 5.) Why did RJ choose MIT instead of Stanford?
He chose MIT instead of Stanford because he liked the car labs, he thought it would better position himself for Rivian. 6.) What problem did RJ initially want to solve? He initially wanted to create a transportation system that will work in 100 or 200 years. The internal combination was ruining the air quality. 7.) RJ didn't talk about his idea. Do you think this was a good idea? Is this consistent with things I have said in class?
He did not talk about his idea initially, he only told one professor. I think this is a good idea because he was just starting. I think it does go along with the things you have said in class, everyone always over excites you about your idea he built
first. 8.) What was the main challenge with RJ's initial pitch?
It was too broad and lacked clear focus on their specific market, there was no product, there was nothing to showcase to investors.
9.) How did RJ get the money to build his first prototype?
He got his money from his dad and himself and some friends, he refinanced a house he bought in highschool. 10.) Why did RJ pivot?
He realized that the technology he was developing should be applied to more than just cars. He moved to SUVs and Trucks because it is a bigger segment. 11.) What were the reasons RJ cited for making the pivot?
The desire to create a more scalable business model and recognizing that the automotive industry was changing.
12.) What opportunities in the truck market did RJ want to improve in trucks other than electricity
He wanted to improve the off road abilities and make them more environmentally friendly, trunk space
13.) What was 'the right question to answer' according to RJ ?(hint: he didn't actually phrase it as a question, but he stated that this transition was 'so freeing'.) It needs to have a positive impact, trying to solve for impact
14.) Why did they change their name? How did they come up with Rivian
They were sued by Hyundai,he took the first three letter of river and last three of Indian because that is where he grew up 15.) How much money did RJ need to raise and how did he do it? Ensure you describe the process and the people that were part of the process.
He went back to MIT to connect with people, he met with some senior leaders there and he said he needed money. He got in touch with an MIT alum, a man named Mohamed Gamile. He is the CEO of a large Saudi Arabian family automotive company and he got under a million dollars then they built a business
plan then built a prototype then engaged in more suppliers and slowly got more and more money. 16.) What was the hardest part of raising capital for RJ?
Getting investors to understand and believe in his vision for the future and maintaining the moral for the team, their livelihood is dependent on them being successful. 17.) Why didn't the first few iterations of the Rivian Pickup Truck work? The Rivian Pickup Truck did not work because the team was trying to use already
existing technology, they were also not the look they wanted
18.) Describe a customer archetype for the Rivian pickup truck. How does Rivian view Tesla?
Someone who values sustainability and adventure, maybe even someone who hasn’t owned an EV before. Rivian views Tesla as a competitor but both companies have different target markets
19.) What are the biggest challenges facing Rivian.
Scaling production, managing supply chain disruptions and competing with established automakers
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